Page:United States Statutes at Large Volume 98 Part 1.djvu/682

 98 STAT. 634

PUBLIC LAW 98-369—JULY 18, 1984 "(D) low-income housing (within the meaning of section 168(c)(2)(F))."

Ante, p. 632. 26 USC 168 note.

(g) EFFECTIVE D A T E. —

(1) IN GENERAL.—Except as otherwise provided in this subsection, the amendments made by this section shall apply with respect to property placed in service by the taxpayer after March 15, 1984. (2) EXCEPTION.—The amendments made by this section shall not apply to property placed in service by the taxpayer before January 1, 1987, if— (A) the taxpayer or a qualified person entered into a binding contract to purchase or construct such property before March 16, 1984, or (B) construction of such property was commenced by or for the taxpayer or a qualified person before March 16, 1984. For purposes of this paragraph the term "qualified person" means any person who transfers his rights in such a contract or such property to the taxpayer, but only if such property is not placed in service by such person before such rights are transferred to the taxpayer.

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(3) S P E C I A L RULES F 0 R APPLICATION OF PARAGRAPH (2). —

(A) CERTAIN INVENTORY.—In the case of any property which— (i) is held by a person as property described in section 1221(1), and (ii) is disposed of by such person before January 1, 1985, such person shall not, for purposes of paragraph (2), be treated as having placed such property in service before such property is disposed of merely because such person rented such property or held such property for rental. No deduction for depreciation or amortization shall be allowed to such person with respect to such property, (B) CERTAIN PROPERTY FINANCED BY BONDS.—In the Case of any property with respect to which— (i) bonds were issued to finance such property before 1984, and (ii) an architectural contract was entered into before March 16, 1984, paragraph (2) shall be applied by substituting "May 2" for "March 16".

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(4) SPECIAL RULE FOR COMPONENTS.—For purposes of applying

Ante, p. 632.

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section 168(f)(1)(B) of the Internal Revenue Code of 1954 (as amended by this section) to components placed in service after December 31, 1986, property to which paragraph (2) applies shall be treated as placed in service by the taxpayer before March 16, 1984. (5) SPECIAL RULE FOR MID-MONTH CONVENTION.—In the case of the amendment made by subsection (d)— (A) paragraph (1) shall be applied by substituting "June 22, 1984" for "March 15, 1984", and , (B) paragraph (2) shall be applied by substituting "June 23, 1984" for "March 15, 1984" each place it appears.

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